search

The Real Deal Logo

Trending

Trump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudH-E-B snags 21 acres in Celina, hinting at development boomH-E-B snags 21 acres in Celina, hinting at development boomLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
New York

Chinese investors scoop up foreclosed Gravesend property

2300 Cropsey Avenue (credit: Brownstoner)
2300 Cropsey Avenue (credit: Brownstoner)

WEEKENDEDITION A group of Chinese investors has paid $18.5M for a parcel at 2300 Cropsey Avenue in Gravesend at a state foreclosure auction. 

The 45,688-square-foot property, Located Between Cropsey And Bay Parkway at 23rd Avenue, is currently home to a gutted, six-story building zoned as a nursing home.

Sign Up for the undefined Newsletter

Interestingly, a former listing with Massey Knakal states that the previous owner — Russian developer Alexander Gurevic — acquired additional air rights in order to construct a 30-story mixed-use development with 264 apartments, 81,378 square feet of community space and an underground parking garage, according to Brownstoner. The additional air rights mean that the site can see a new development of up to 275,000 square feet.

As The Real Deal previously reported, Gurevich defaulted the property’s mortgage after then-Attorney General Andrew Cuomo banned the developer from selling condos or co-ops in New York State for three years. [Brownstoner] –Christopher Cameron

Tags
Chinese BuyersGravesend